June 2016


June 30, 2016 | Permalink
Fund Name: NuShares Enhanced Yield U.S. Aggregate Bond ETF
Adviser: Nuveen Fund Advisors LLC
Sub-Adviser(s): Teachers Advisors Inc.
Fees: Not specified
Open- or Closed-End: Open-End (Exchange traded)
Investor Restrictions: None specified
Filing Date: June 15, 2016
Effective Date: Pending
   
Fund Name: Griffin Institutional Access Global Credit Fund
Adviser: Not specified (The Adviser is an indirect majority-owned subsidiary of Griffin Capital Corporation)
Sub-Adviser(s): Not specified
Fees: Not specified
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $2,500 minimum initial investment for regular accounts, $1,000 for retirement plan accounts; $100 minimum subsequent investment for regular accounts, $50 for retirement plan accounts (Class A and C)
Filing Date: June 3, 2016
Effective Date: Pending
   
Fund Name: Oppenheimer Macquarie Global Infrastructure Fund
Adviser: OFI Global Asset Management Inc.
Sub-Adviser(s): OppenheimerFunds Inc. (sub-adviser), Macquarie Capital Investment Management LLC (sub-sub-adviser)
Fees: 0.9% Management Fee
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $1,000 minimum initial investment (Class A, C, R and Y); $500 minimum initial investment for Traditional and Roth IRA, Asset Builder Plan, Automatic Exchange Plan and government allotment plan accounts; No minimum initial investment for wrap fee-based programs, salary reduction plans and other retirement plans and accounts.
Filing Date: Feb. 5, 2016
Effective Date: May 23, 2016
   
Fund Name: NexPoint Merger Arbitrage Fund
Adviser: NexPoint Advisors LP
Sub-Adviser(s): None
Fees: 1.25% Management Fee (on daily gross assets)
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $500 minimum initial investment for regular accounts, $50 for retirement accounts, $50 minimum subsequent investment (Class A and C); $100,000 minimum initial investment (Class Z)
Filing Date: April 19, 2016
Effective Date: Pending
   
Fund Name: NexPoint Latin American Opportunities Fund
Adviser: NexPoint Advisors LP
Sub-Adviser(s): None
Fees: 1.25% Management Fee (on daily gross assets)
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $500 minimum initial investment for regular accounts, $50 for retirement accounts, $50 minimum subsequent investment (Class A and C); $100,000 minimum initial investment (Class Z)
Filing Date: March 24, 2016
Effective Date: Pending
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June 28, 2016 | Permalink
The SEC announced that C. Dabney O'Riordan was named as co-chief of the Division of Enforcement's Asset Management Unit, joining Anthony Kelly as co-chief of the unit that was previously led by Marshall Sprung. O'Riordan has investigated or supervised several enforcement cases across the asset management industry, including cases involving advisers who misallocated private fund expenses and actions against advisers for misallocating trades to the detriment of clients or stealing client assets. She has also supervised investigations involving charges against gatekeepers. O'Riordan is currently associate regional director in the agency's Los Angeles office, where she has worked since 2005.
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June 28, 2016 | Permalink
The SEC proposed a rule that would require registered investment advisers to adopt and implement written business continuity and transition plans, in order to ensure advisers have plans to address operational and other risks related to a significant disruption in operations and minimize potential client and investor harm. The proposed rule would require a plan be formulated to address the particular risks associated with the adviser's operations and include policies and procedures relating to: maintenance of systems and protection of data; pre-arranged alternative physical locations; communication plans; review of third-party service providers; and plan of transition in the event the adviser is winding down or unable to continue providing advisory services. It would also require advisers to review the adequacy and effectiveness of their plans at least annually and to retain certain related records.
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June 27, 2016 | Permalink
BlackRock's iShares unit plans to close 10 of its ETFs. Two iShares emerging markets ETFs, the iShares MSCI Emerging Markets Latin America and the iShares MSCI Emerging Markets Horizon ETF, will be shuttered. The firm will close several fixed income ETFs, including the iShares B – Ca Rated Corporate Bond ETF, iShares Baa – Ba Rated Corporate Bond Fund, iShares International Inflation-Linked Bond Fund, and the iShares Global Inflation-Linked Bond Fund. Finally, the iShares Enhanced International Small-Cap ETF, iShares Enhanced International Large-Cap ETF, iShares Enhanced U.S. Small-Cap ETF, and the iShares Enhanced U.S. Large-Cap ETF will also be closed.
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June 23, 2016 | Permalink
KKR, Carlyle and Partners Group have quietly moved down market with products targeted at individual investors. The firms are among those in the industry that have started rolling out registered funds to give accredited individual investors exposure to an asset class that is considered one of the best sources of growth for pension funds. The so-called interval funds are unique for PE because they offer periodic liquidity in an asset class that is historically known for lock-up periods of between five and seven years.
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June 16, 2016 | Permalink
Fund Name: Griffin Institutional Access Global Credit Fund
Adviser: Not specified (The Adviser is an indirect majority-owned subsidiary of Griffin Capital Corporation)
Sub-Adviser(s): Not specified
Fees: Not specified
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $2,500 minimum initial investment for regular accounts, $1,000 for retirement plan accounts; $100 minimum subsequent investment for regular accounts, $50 for retirement plan accounts (Class A and C)
Filing Date: June 3, 2016
Effective Date: Pending
   
Fund Name: Oppenheimer Macquarie Global Infrastructure Fund
Adviser: OFI Global Asset Management Inc.
Sub-Adviser(s): OppenheimerFunds Inc. (sub-adviser), Macquarie Capital Investment Management LLC (sub-sub-adviser)
Fees: 0.9% Management Fee
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $1,000 minimum initial investment (Class A, C, R and Y); $500 minimum initial investment for Traditional and Roth IRA, Asset Builder Plan, Automatic Exchange Plan and government allotment plan accounts; No minimum initial investment for wrap fee-based programs, salary reduction plans and other retirement plans and accounts.
Filing Date: Feb. 5, 2016
Effective Date: May 23, 2016
   
Fund Name: NexPoint Merger Arbitrage Fund
Adviser: NexPoint Advisors LP
Sub-Adviser(s): None
Fees: 1.25% Management Fee (on daily gross assets)
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $500 minimum initial investment for regular accounts, $50 for retirement accounts, $50 minimum subsequent investment (Class A and C); $100,000 minimum initial investment (Class Z)
Filing Date: April 19, 2016
Effective Date: Pending
   
Fund Name: NexPoint Latin American Opportunities Fund
Adviser: NexPoint Advisors LP
Sub-Adviser(s): None
Fees: 1.25% Management Fee (on daily gross assets)
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $500 minimum initial investment for regular accounts, $50 for retirement accounts, $50 minimum subsequent investment (Class A and C); $100,000 minimum initial investment (Class Z)
Filing Date: March 24, 2016
Effective Date: Pending
   
Fund Name: NexPoint Distressed Strategies Fund
Adviser: NexPoint Advisors LP
Sub-Adviser(s): None
Fees: 1.25% Management Fee (on daily gross assets)
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $500 minimum initial investment for regular accounts, $50 for retirement accounts, $50 minimum subsequent investment (Class A and C); $100,000 minimum initial investment (Class Z)
Filing Date: March 24, 2016
Effective Date: Pending
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June 15, 2016 | Permalink
Institutional investors are putting more capital into alternative strategies, not with the expected goal of diversifying their portfolios or reducing risk, but with the goal of strong returns amid the current low interest rate environment, according to a BNY Mellon and FT Remark survey of 400 senior executives at institutional investment firms and 50 hedge fund executives. Almost two-thirds of those surveyed received returns of 12% or higher from their alternative allocations in 2015 and more than 25% had returns of at least 15%. The strong returns are driving investors towards increased allocations, with 29% planning to increase their alternative holdings this year, demonstrating an increased appetite for alternative elements in institutional investors' portfolios.
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June 9, 2016 | Permalink
Manulife Asset Management, the global asset management arm of Manulife Financial, named Chris Fellingham as senior managing director and head of Liquid Alternative Strategies, effective June 13. The newly created role is intended to drive the firm's growth strategy in the liquid alternative space. Most recently, Fellingham was CIO of Ignis Asset Management and previously served as CEO and partner of Soros Fund Management U.K.
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June 8, 2016 | Permalink
A large majority of affluent millennial investors are interested in alternative mutual funds, according to an online survey by AMG Funds, the U.S. retail distribution arm of global asset management company Affiliated Managers Group. The survey found that 83% of investors aged 18-35 are open to a broader approach to investing, including alternative products, compared to 52% of those older than 35. More than half of the millennials surveyed currently invest in alternative strategies, 69% indicated a desire to learn more about the benefits of alternative investing and 70% said that a liquid alternative mutual fund would benefit their current investment portfolio.
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June 8, 2016 | Permalink
The SEC adopted rules establishing timely and accurate trade acknowledgment and verification requirements for security-based swap (SBS) market participants that enter into SBS transactions. The rules are designed to promote the efficient and effective operation of the SBS market. The requirements are part of the regulatory framework required for SBS deals by the Dodd-Frank Act.
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June 6, 2016 | Permalink
Alternative mutual fund firm Context Asset Management hired Matt Rowe as chief strategy officer, responsible for investments, strategy, risk management, distribution, operations and marketing. He most recently acted as head of liquid strategies at Achievement Asset Management, in addition to previous positions at PEAK6 Advisors, Tamalpais Asset Management and Marin Capital Partners. The Bala Cynwyd, Penn.-based firm's long-term growth plan includes adding single- and multi-manager alternative mutual funds to its existing $74.5-million product line.
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June 3, 2016 | Permalink
American Beacon Advisors hired Paul Cavazos as senior vice president and chief investment officer, effective June 20. Previously the chief investment officer and assistant treasurer at DTE Energy Company in Detroit, he will oversee corporate pension plan investments and the investment sub-advisors of the American Beacon Funds. Irving, Texas-based American Beacon has $51.4 billion in total AUM, including three liquid alternative mutual funds and a group of private equity funds of funds.
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June 2, 2016 | Permalink
A coalition of nine major business and financial industry groups filed a lawsuit in the U.S. District Court in Texas challenging the Department of Labor's fiduciary rules. The coalition includes the U.S. Chamber of Commerce, Financial Services Roundtable and the Securities Industry and Financial Markets Association. The groups had fought for years to derail the regulatory effort, arguing it would be burdensome and make it impossible to provide retirement advice for some investors. The suit claimed DOL overstepped its bounds by crafting the new rules and that instead, the SEC should have led any such rule-making effort. The fiduciary rules would require investment advisers providing retirement advice to act solely in the clients' interest.
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June 2, 2016 | Permalink
Fund Name: Oppenheimer Macquarie Global Infrastructure Fund
Adviser: OFI Global Asset Management Inc.
Sub-Adviser(s): OppenheimerFunds Inc. (sub-adviser), Macquarie Capital Investment Management LLC (sub-sub-adviser)
Fees: 0.9% Management Fee
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $1,000 minimum initial investment (Class A, C, R and Y); $500 minimum initial investment for Traditional and Roth IRA, Asset Builder Plan, Automatic Exchange Plan and government allotment plan accounts; No minimum initial investment for wrap fee-based programs, salary reduction plans and other retirement plans and accounts.
Filing Date: Feb. 5, 2016
Effective Date: May 23, 2016
   
Fund Name: NexPoint Merger Arbitrage Fund
Adviser: NexPoint Advisors LP
Sub-Adviser(s): None
Fees: 1.25% Management Fee (on daily gross assets)
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $500 minimum initial investment for regular accounts, $50 for retirement accounts, $50 minimum subsequent investment (Class A and C); $100,000 minimum initial investment (Class Z)
Filing Date: April 19, 2016
Effective Date: Pending
   
Fund Name: NexPoint Latin American Opportunities Fund
Adviser: NexPoint Advisors LP
Sub-Adviser(s): None
Fees: 1.25% Management Fee (on daily gross assets)
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $500 minimum initial investment for regular accounts, $50 for retirement accounts, $50 minimum subsequent investment (Class A and C); $100,000 minimum initial investment (Class Z)
Filing Date: March 24, 2016
Effective Date: Pending
   
Fund Name: NexPoint Distressed Strategies Fund
Adviser: NexPoint Advisors LP
Sub-Adviser(s): None
Fees: 1.25% Management Fee (on daily gross assets)
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $500 minimum initial investment for regular accounts, $50 for retirement accounts, $50 minimum subsequent investment (Class A and C); $100,000 minimum initial investment (Class Z)
Filing Date: March 24, 2016
Effective Date: Pending
   
Fund Name: First Trust Strategic Mortgage REIT ETF
Adviser: First Trust Advisors LP
Sub-Adviser(s): None
Fees: 0.85% Management Fee
Open- or Closed-End: Open-End (Exchange traded)
Investor Restrictions: Not specified
Filing Date: March 14, 2016
Effective Date: Pending
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June 2, 2016 | Permalink
The SEC named Christopher R. Hetner as senior adviser to the chair for cybersecurity policy, advising commission chair Mary Jo White on all cybersecurity policy matters. He will be responsible for coordinating efforts across the agency to address cybersecurity policy, engaging with external stakeholders and further enhancing the SEC's mechanisms for assessing broad-based market risk. He has been with the SEC since January 2015 and previously served as cybersecurity lead for the Technology Control Program within the Office of Compliance Inspections and Examinations.
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